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EXHIBIT 12
THE HERTZ CORPORATION AND SUBSIDIARIES
CONSOLIDATED COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands of Dollars Except Ratios)
Unaudited
Six Months Ended | ||||||||
June 30, | ||||||||
2003 | 2002 | |||||||
Income before income taxes | $ | 2,788 | $ | 24,794 | ||||
Interest expense | 187,132 | 178,118 | ||||||
Portion of rent estimated to represent the interest factor | 58,547 | 57,261 | ||||||
Earnings before income taxes and fixed charges | $ | 248,467 | $ | 260,173 | ||||
Interest expense (including capitalized interest) | $ | 187,407 | $ | 178,822 | ||||
Portion of rent estimated to represent the interest factor | 58,547 | 57,261 | ||||||
Fixed charges | $ | 245,954 | $ | 236,083 | ||||
Ratio of earnings to fixed charges | 1.0 | 1.1 | ||||||